{"id":38034,"date":"2015-06-19T06:32:41","date_gmt":"2015-06-19T06:32:41","guid":{"rendered":"https:\/\/www.legalindia.com\/news\/?p=38034"},"modified":"2015-06-19T06:32:41","modified_gmt":"2015-06-19T06:32:41","slug":"sc-gives-sahara-18-months-to-pay-up-rs-36000-crore","status":"publish","type":"post","link":"https:\/\/www.legalindia.com\/news\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore","title":{"rendered":"SC gives Sahara 18 months to pay up Rs.36,000 crore"},"content":{"rendered":"<div class=\"p\">\n<figure id=\"attachment_38035\" aria-describedby=\"caption-attachment-38035\" style=\"width: 300px\" class=\"wp-caption alignright\"><a href=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?ssl=1\"><img data-recalc-dims=\"1\" loading=\"lazy\" decoding=\"async\" data-attachment-id=\"38035\" data-permalink=\"https:\/\/www.legalindia.com\/news\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore\/subrata\" data-orig-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?fit=380%2C285&amp;ssl=1\" data-orig-size=\"380,285\" data-comments-opened=\"1\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;Press Trust of India&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Subrata\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?fit=380%2C285&amp;ssl=1\" class=\"wp-image-38035 size-medium\" src=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?resize=300%2C225&#038;ssl=1\" alt=\"SC gives Sahara 18 months to pay up Rs.36,000 crore\" width=\"300\" height=\"225\" srcset=\"https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?resize=300%2C225&amp;ssl=1 300w, https:\/\/i0.wp.com\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg?w=380&amp;ssl=1 380w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><figcaption id=\"caption-attachment-38035\" class=\"wp-caption-text\">SC gives Sahara 18 months to pay up Rs.36,000 crore<\/figcaption><\/figure>\n<p>While approving the manner in which Sahara would furnish its bank guarantee, the Supreme Court on Friday directed that the group will have to pay the remaining liability it owes to the market regulator, Securities and Exchange Board of India (Sebi), within 18 months from the time its chief Subrata Roy is released.<\/p><\/div>\n<div class=\"p\">Accepting the format of the bank guarantee brings Sahara a step closer to paying Roy\u2019s bail.<\/div>\n<div class=\"p\">Roy and two Sahara directors, in judicial custody since 4 March, need to deposit <span class=\"WebRupee\">Rs.<\/span>10,000 crore, half in cash and the rest in a bank guarantee.<\/div>\n<div class=\"p\">A bench of justices T.S.Thakur, Anil R. Dave and A. K. Sikri enumerated conditions for the payment of the remaining liability of <span class=\"WebRupee\">Rs.<\/span>36,000 crore by Sahara within 18 months in nine instalments.<\/div>\n<div class=\"p\">The first instalment has to be paid within two months of Roy\u2019s release.<\/div>\n<div class=\"p\">The court said that Roy would have to go back to jail if Sahara failed to pay any three instalments. Further, the <span class=\"WebRupee\">Rs.<\/span>5,000 crore bank guarantee would be liable to be encashed by Sebi if Sahara failed to pay any two instalments.<\/div>\n<div class=\"p\">The court also asked the three Sahara officials to deposit their passports and seek the court\u2019s permission before leaving the country.<\/div>\n<div class=\"p\">The group can seek the court\u2019s permission to sell any of its properties frozen by the court earlier.<\/div>\n<div class=\"p\">While Roy\u2019s release from Tihar jail is one of the primary focus of these hearings at present, the court has time and again emphasized that Sahara has to make payments, apart from the <span class=\"WebRupee\">Rs.<\/span>10,000 crore deposit.<\/div>\n<div class=\"p\">Lawyer Kapil Sibal had in May sought the conditional release of Roy for six weeks in order to draw up a scheme for future payments.<\/div>\n<div class=\"p\">In May, Sebi had told the court that Sahara has to refund nearly <span class=\"WebRupee\">Rs.<\/span>39,000 crore to it. Sahara has consistently disputed this sum. Sahara claims that it has refunded <span class=\"WebRupee\">Rs.<\/span>17,000 crore to about 30 million depositors directly.<\/div>\n<div class=\"p\">Sahara has already deposited <span class=\"WebRupee\">Rs.<\/span>3,827 crore in cash with the Sebi Sahara Refund Account.<\/div>\n<div class=\"p\">On 23 March, the apex court gave Sahara three months to raise <span class=\"WebRupee\">Rs.<\/span>10,000 crore, failing which it would arrange for selling off Sahara\u2019s assets.<\/div>\n<div class=\"p\"><i>Sahara has filed a defamation case in a Patna court against Mint\u2019s editor and some reporters over the newspaper\u2019s coverage of the company\u2019s dispute with Sebi. <\/i>Mint <i>is contesting the case. <\/i><\/div>\n","protected":false},"excerpt":{"rendered":"<p>While approving the manner in which Sahara would furnish its bank guarantee, the Supreme Court on Friday directed that the group will have to pay the remaining liability it owes to the market regulator, Securities and Exchange Board of India (Sebi), within 18 months from the time its chief Subrata Roy is released. Accepting the [&hellip;]<\/p>\n","protected":false},"author":38299,"featured_media":38035,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":"","jetpack_publicize_message":"","jetpack_publicize_feature_enabled":true,"jetpack_social_post_already_shared":false,"jetpack_social_options":{"image_generator_settings":{"template":"highway","default_image_id":0,"font":"","enabled":false},"version":2}},"categories":[78,1],"tags":[33011,27942,31987,4274,3144,117,80,47765,16821,22304,33010,2074,4913,2170,47726],"class_list":["post-38034","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-public-utilities","category-top-law-news","tag-000-crore","tag-anil-r-dave","tag-featured","tag-justice-a-k-sikri","tag-justice-t-s-thakur","tag-law","tag-legal-news","tag-news","tag-sahara","tag-sahara-chief-subrata-roy","tag-sc-gives-sahara-18-months-to-pay-up-rs-36","tag-sebi","tag-securities-and-exchange-board-of-india","tag-subrata-roy","tag-supreme-court"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>SC gives Sahara 18 months to pay up Rs.36,000 crore<\/title>\n<meta name=\"description\" content=\"SC gives Sahara 18 months to pay up Rs.36,000 crore : Legal India provides legal news and information related to law.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.legalindia.com\/news\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"SC gives Sahara 18 months to pay up Rs.36,000 crore\" \/>\n<meta property=\"og:description\" content=\"SC gives Sahara 18 months to pay up Rs.36,000 crore : Legal India provides legal news and information related to law.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.legalindia.com\/news\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore\" \/>\n<meta property=\"og:site_name\" content=\"Legal News India - Supreme Court &amp; High Court Updates\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/LegalindiaCom\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-06-19T06:32:41+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.legalindia.com\/news\/wp-content\/uploads\/sites\/2\/2015\/06\/Subrata.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"380\" \/>\n\t<meta property=\"og:image:height\" content=\"285\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Legal India News\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Legal India News\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore#article\",\"isPartOf\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore\"},\"author\":{\"name\":\"Legal India News\",\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#\\\/schema\\\/person\\\/2b856940493e891fdeab60e1199c3d26\"},\"headline\":\"SC gives Sahara 18 months to pay up Rs.36,000 crore\",\"datePublished\":\"2015-06-19T06:32:41+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore\"},\"wordCount\":419,\"commentCount\":0,\"publisher\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/#organization\"},\"image\":{\"@id\":\"https:\\\/\\\/www.legalindia.com\\\/news\\\/sc-gives-sahara-18-months-to-pay-up-rs-36000-crore#primaryimage\"},\"thumbnailUrl\":\"https:\\\/\\\/i0.wp.com\\\/www.legalindia.com\\\/news\\\/wp-content\\\/uploads\\\/sites\\\/2\\\/2015\\\/06\\\/Subrata.jpg?fit=380%2C285&ssl=1\",\"keywords\":[\"000 crore\",\"Anil R.Dave\",\"featured\",\"Justice A.K. 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